Current Sq Ft rates at chennai

hi Shanvy,
He is asking for Rs.2,750/- psft. all inclusive, i.e. registration, p.tax, w.tax, etc. It is very close to Paper Mills Road and we liked the construction too. Only thing is, 1st floor area is higher so we have to settle for g.floor which we were not looking at earlier. But by and large, we liked the g.floor flat.

Also the surrounding area is not too well-developed. But proximity to market and main road is good.

We are trying something for Kelly's area too, let's see.
Also Annanagar if we get something within budget, but that will be second hand flat.

For second hand flats, is it true that the reg. etc. charges are higher?
Please let me know when you've created a separate thread, that will be good if it helps others too.
thanks for your time,
hasita

Hi hasita,

Will check the corresponding area and give you details. regarding second hand flat, yes the registration charges will always be higher.
the reason..

in a first sale, the undivided share (UDS) of your land, that suppose 4 flats are constructed on a 2400 sq.ft of land, depending on your percentage you may get a UDS of 500-600 sq.ft which is then registered according to the guideline value of the area.

Where when it comes to second sale, it is the whole flat that is being registered. so if your flat is 1100 then you have to register for that amount.

hope this clarifies....

Originally Posted by av0608

Friends,

I heard about this project by Priyadharshini Shelters in Rajakilpakkam. They are constructing Duplex kind of house. Any inputs about this project?

My inlaws saw a apartment in Velachery, nearby to TCS office, walkable distance. they are charging 55L inclusive of everything. is it worth buying? we are in US currently, so wanted to know how much rent can we expect in that area. the house is 4 yrs old.

Lakshmi

lakshmi,

IF you are particular about being in velachery then you can look into it. you say it is a apartment and then a house that is 4 years old....
if it was a apartment, i will think more...

if i was to choose....

I would choose priyadharshini for the following reasons..(this is my opinion and not a advice as i am not having the qualfn..for that..)

1. the land is yours. that is if your plot is 1300 with built up area of 1700, the 1300 sq.ft of land is yours and will definitely appreciate.

2. CMDA approved..so getting loans will not be a problem

3. access into omr and other areas is good. tambaram is nearby. even if you are r2i it will be a good investment. there is good development in this part. it is also easy to access the it corridor. the area according to the site plan is prime area.

4.the plan is also good. with 16 houses, will be a community yet you have your own independent house.

you can ask your people to check their completed projects before deciding.

this is my own opnion.

hi shanthi,

thanks for the reply. my FIL sent us pictures of velachery apt. it was kind of OK. i think we will drop this one. about rajakilpakkam, the gap between one house and the other is very less and the roads are not very good esp in rainy season it is going to be difficult. this was my FIL's feedback. so we are still confused.......

Lakshmi

Lakshmi,

If you go through this thread, you will know i have also invested in a duplex

The idea is to give you a independent house in the community. the 16 houses will be having a very little gap in between..but again better than flats

you can always look at other projects.

we are planning to buy a flat in chennai. What is the sq. ft rate in urappakkam & guduvanchery.. Also which home loan is best to go with? SBI, ICICI or HDFC, we are NRI and when we enquired we learnt that HDFC's EMI is about Rs.1000 less than SBI. But some of my friends are telling about the hidden costs these private banks put on us. Has anybody taken loan from SBI. I would like to go with this. but not for any other reason than it is not private. what is the typical sanction period for the loan?

shanthi,

any idea about this priyadharshini shelters in rajakilpakkam. has anybody purchased this duplex house from him. i want to know more about this project. i heard about devi builders in medavakkam who is also in to duplex model house. any idea about them. shanthi, what is your idea about the roads in rajakilpakkam? do you think it will improve in near future. My fil says roads are very bad and in rainy season its going to be tough. even if we buy this house we will be renting it for couple of yrs from now. how much rent you think we can expect. how can we know if the person renting our house are reliable people. both my parents and in laws are old and it will be very difficult for them to take care of all these issue. we are confused whether to buy this duplex house or invest in some land and later when my husband returns to india for good we can buy a house. but at that time i dont know how the price is going to be what is your suggestion? we are having sleepless nights thinking of all this.

lakshmi

Originally Posted by Dolly_Lite

we are planning to buy a flat in chennai. What is the sq. ft rate in urappakkam & guduvanchery.. Also which home loan is best to go with? SBI, ICICI or HDFC, we are NRI and when we enquired we learnt that HDFC's EMI is about Rs.1000 less than SBI. But some of my friends are telling about the hidden costs these private banks put on us. Has anybody taken loan from SBI. I would like to go with this. but not for any other reason than it is not private. what is the typical sanction period for the loan?

Urappakkam the rates are anywhere between 2000 to 2750 depending on the distance, amenitites and the reputation of the builder.

guduvanchery also sq.ft is between 1800 to 2500. what with sriram mall coming in, it has appreciated a lot.

I would suggest go to SBI or HDFC. HDFC is a little more transparent than icicii. all private banks have hidden costs. when taking floating with hdfc, there is no prepayment penalty.

I have taken a loan with hdfc. and one of my friends had taken a loan with sbi. i think the tenure comes to lesser period for a nri with sbi than hdfc.

IF your project is already approved by a bank. most of the projects do have one bankers approval.in that case it is a matter of submission of documents, the loan is sanctioned within days/week.

Originally Posted by av0608

shanthi,

any idea about this priyadharshini shelters in rajakilpakkam. has anybody purchased this duplex house from him. i want to know more about this project. i heard about devi builders in medavakkam who is also in to duplex model house. any idea about them. shanthi, what is your idea about the roads in rajakilpakkam? do you think it will improve in near future. My fil says roads are very bad and in rainy season its going to be tough. even if we buy this house we will be renting it for couple of yrs from now. how much rent you think we can expect. how can we know if the person renting our house are reliable people. both my parents and in laws are old and it will be very difficult for them to take care of all these issue. we are confused whether to buy this duplex house or invest in some land and later when my husband returns to india for good we can buy a house. but at that time i dont know how the price is going to be what is your suggestion? we are having sleepless nights thinking of all this.

lakshmi

Lakshmi,

The roads are being laid. it is a long process. all the areas like rajakilpakkam, medavakkam were nothing till 3/4 years back. i remember a offer for 2 lacs a ground in medavakkam, in 2000. i cannot even imagine the cost today.there is enormous development in the areas.

Actually, a person who is not used to south chennai cannot actually gauge the development. the roads will take time. but the priyadharshini builders site map the area looks good. just try wikimapia for gowriwakkam. there are lots of houses in that area. i think the builder is asking for 3100/-sq.ft. right...looks a good deal for the land and the building, put together.

South chennai there are lot of builders doing duplex houses. It is the locations, the budget that has to be seen.

Regarding tenants, it is a risk. you can rent it out to somebody and can keep a check on it every six months. by drawing a rental agreement.

Buying a land and then building a house is a nice idea. you have not talked about the budget. for construction with the reasonably decent materials the cost of construction per sq.ft is anywhere between 1200 -1300 /sq.ft as of today. the price could go more when your own specifications for the items are included. the same cost was 800rs/sq.ft last dec 06. so with the inflation and the cost of materials increasing, just work it out and think it over.

everybody goes through this phase before finalising a house. I also had the problem. I have r2i just last march 07. before that i was also nri.and buying the house was a gamble...but a gamble that paid off for me.

Hi Shanthi,

I read most of the posts in this thread. Thanks for the wonderful information that you are posting.

I had a look at a house at Vengaivasal, which is just behind Medavakkam. Its on a plot of 1800Sqft with a built up area of 1000sqft (ground + 1 put together). The asking rate is 40 lacs. The Building is 3yrs old.

Please provide some info as to the area and the rate.

Thanks
Meenu